ETHEREUM ~ Oh $h!t ;)
Welcome to my analysis on ETHUSD! Let's get this going! We are looking at the Weekly time frame & first off, I would like to mention how the 50 EMA (in red) sits right where the 0.786 Fibonacci support level is. Coincidence? I think not! If this level is broken and we confirm it as new resistance, ETH is in big trouble in little China! On lower time frames (4hr & 8hr) ETH is just sitting on this support line consolidating.
Last week's candle did pierce through the 50 EMA and 0.786 Fib which weakens these levels as support. Price Action also suggests a bearish closure for last week's candle.
The MACD is still very bearish with momentum continuing and showing no signs of a shift in momentum.
Overall, the chart on the Weekly time frame is extremely bearish. Unless ETH gets rejected and momentum begins to shift at this current support level, I will be short.. Especially if we break below the 50 EMA and confirm as new resistance!
**This is not a recommendation to buy or sell, and is purely for educational and informational purposes only**
~ Mainstay
Last week's candle did pierce through the 50 EMA and 0.786 Fib which weakens these levels as support. Price Action also suggests a bearish closure for last week's candle.
The MACD is still very bearish with momentum continuing and showing no signs of a shift in momentum.
Overall, the chart on the Weekly time frame is extremely bearish. Unless ETH gets rejected and momentum begins to shift at this current support level, I will be short.. Especially if we break below the 50 EMA and confirm as new resistance!
**This is not a recommendation to buy or sell, and is purely for educational and informational purposes only**
~ Mainstay
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